I have a mortgage with Permanent TSB, initially it was a 1 year discount tracker, after that first year we opted for a LTV<80% rate of 3.3% (which was less than the tracker on offer at the time…. DOOOHHHH!!!). Now the rate we are being charged is 4.69% (after the latest announcement of a 0.5% reduction from PTSB), which is the same as the standard variable rate. So we are seeing no benefit from the LTV<80%. I also see from the PTSB website that the rate for new business for LTV<80% is 3.69% and the rate for standard variable 4.69%. Is there anything I can do about this or am I just stuck with it now?

Yea I called them thismorning, but they said that that is the rate now.

In fairness you are unlikely to get anywhere with a phone call. You are likely to be speaking to someone who would not have authority to do anything for you. You really need to make an appointment with your account manager, having investigated the best deal available to you on the market and the cost of moving your mortgage.

Switching isn't as difficult and inconvenient as it may sound, and can save an enormous amount of money. I'm not sure in the current climate what sort of incentives are likely to be offered to anybody switching mortgages though. If you have a nice clean credit record and a good house value to loan ratio you could be seen as a low risk way of increasing a bank's new business mortgage figures.

Switching isn't as difficult and inconvenient as it may sound, and can save an enormous amount of money

I'm not sure switching is an option - banks have very little appetite for this type of business, even if you still have LTV < 80%. Also, bluntly, PTSB would probably be quite happy for you to move your mortgage elsewhere rather than offer you an incentive to stay!

There is little/no switcher mortgage market out there at the moment. AIB who currently have the cheapest variable rates will not refinance another lenders mortgage debt irrespective of loan to value/incomes etc. BOI will look at a switcher only for existing BOI account holders where the LTV is less than 75%. If not an existing BOI customer the LTV needs to be less than 50%. Unfortunately like many others you are at the mercy of ptsb. Hopefully they will eventually bring their rates for existing customers in line with the other banks.